6 Smart Ways To Invest Your Tax Return Instead Of Blowing It
In 2019, the average tax refund was $2,869, which is almost an entire month of income for many Americans. A sudden influx of cash makes it so tempting to splurge, but does that align with your long-term financial goals? As savvy responsible women, we have options besides breaking the bank on a new pair of heels, a lavish vacay, or a designer purse.
Have you thought about how you will use your lump sum of money this year? It's not too late to make smart financial decisions. If you want to invest in your future, then learn the best ways to invest your tax return instead of blowing through it.
Start Or Grow A Business
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You may be a founder or thinking about becoming a founder. Either way, an investment in something that's all yours is a great way to spend your tax return. In 2019, there were 30.7 million small businesses in the U.S and nearly 80% of those businesses employ only the founder. Business is booming! Instead of spending your money on material things that give you instant gratification, use your tax return to start or grow a business that helps you in the long-term.
The majority of businesses are started using personal savings. You never know what could happen. You could turn your tax return into a profitable business that pays for the luxuries you didn't splurge on this year.
Create Or Expand An Emergency Fund
If you haven't created an emergency nest egg, then this is the perfect opportunity to finally create one. You don't have to dedicate all of your tax return to an emergency fund, but it would be smart to dedicate at least a small portion. If you already have an emergency fund, it doesn't hurt to expand because emergencies are truly unpredictable. It's better to be safe than sorry.
Invest in Career-Building Certifications Or Continuing Education
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The most successful business leaders in the world all have different paths, but they tend to agree on one thing. Learning is key. When the average person has 10 jobs by age 40 it's easy to understand why highly accomplished people preach the importance of staying competitive by continuing your education. This doesn't mean you have to run to the nearest university and spend a ton of cash. Continuing your education is as simple as taking an online class, buying helpful books, or gaining a certification. Whichever method helps you to acquire knowledge to better yourself. Whether it's for financial gain or to fulfill a passion of yours.
Leave Your Debt Behind
Paying off your current debt is a fantastic way to spend your extra cash, especially if your interest rates are sky-high. The less debt you have, the less accrued interest.
This is the perfect time to pay off existing credit card debt, especially debt that you acquired in anticipation of tax season. Or, contact your student loan servicer to make an extra student loan payment. Ditch the monthly minimum this month, so you save money in interest costs. Just make sure to prioritize debt with the highest interest rates.
Invest In Valuable Stocks
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Investing your money now could potentially make you rich in the future! According to an analysis by Rubicoin (digital educational investment platform), had a person invested the average tax refund of $3000 in Netflix, Apple, and Amazon over 10 years, then their $30,000 investment would have turned into $220,000! Now that's a good return on your investment.
Just think, with the proper research and strategic investment decisions, that could be you. Stock ownership is a great source of passive income. Make money while you sleep! Investing in stocks is perfect for someone who isn't scared of taking on risks to potentially reap the benefits in the future.
Save To Buy A Home Or Increase Home Equity
If you want to leave behind the days of renting or living at home, use your tax return towards a down payment on a house. Start the journey towards saving enough money to cover a down payment and closing costs for your home. Next year, you could be sitting in your very own place decorated to your liking!
If you already own a home, then use the extra cash to increase your home equity. You can make extra mortgage payments or make a direct payment to the principal. Paying down housing debt can help to lower interest expenses over the length of the loan. The more home equity you have, the less you owe while gaining more value in your home. Unlike many other forms of debt.
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Aaliyah Sydonie Williams is a lover of pomegranates, intimate concerts, fluffy socks and all things R&B. She's a founder of a college advice blog, Her Little Corner, where she dishes helpful advice for college students to slay their college experience. When Aaliyah isn't eating at Starbucks, she's studying for her courses in finance, discovering new spots in the city, and brushing up on her photography skills. Keep up with her at Aaliyah Williams (@aaliyahsydonie).
This post is in partnership with BET+.
Kingdom Business is back for its second season, with even more sermons, songs, and serpents. The series picks up where it left off, with actress Serayah as Rbel caught between the stripper pole and the pulpit. With the first lady of the church working desperately against her, Rbel must find a way to live her dreams and honor her friend while figuring out her faith in the process.
Season one served a collection plate of rivalry, deceit, and revenge –– among many other tribulations. Between the 28-year-old’s acting, conviction, and harmonious voice, here are a few reasons why season two of Kingdom Business is a must-watch.
If the Spirit Doesn’t Move You, Serayah’s Singing Voice Will
Rbel, formally known as Rebecca Belle, is a stripper whose life forcibly takes a turn after suffering a tragedy. Through her quest to find the truth, Rbel finds herself at odds with the head of a local church, First Kingdom’s Denita Jordan, played by the legendary Yolanda Adams. Rbel unknowingly emerges as what a faithful Christian embodies: a perfectly imperfect human who works every day to try their best while leaning on God. Although struggling with her faith, each ballad sung by Rbel can be felt, as the lyrics relate to personal struggles we all endure in different ways. Gospel songs hit differently when your life is in shambles, and chile, Serayah is singing new life into folks.
Serayah is a Formidable Opponent to The Yolanda Adams
As one of the best-selling gospel artists of all time, it’s no easy task to take on the role of a person on the opposing side of greatness. Serayah’s Rbel does an excellent job meeting Jordan at her level while shining through her solos. Throughout season one, Rbel emerges as a top streaming artist, an accomplishment that begets something of a holy war.
Serayah’s Acting Range is Engaging
As a former stripper trying to make a name for herself in the gospel industry, you can imagine the struggles that could come with it. Rbel goes through a range of emotions, all understandable and relatable. Despite several crises of faith, Serayah ensures Rbel delivers a humbling performance that makes the audience root for her redemption.
The Kingdom Business Soundtrack is Everything
Streaming now on Spotify, Tidal, and Apple Music, the Kingdom Business: Season 1 soundtrack is one you’d want to add to your playlist for high and low times. Aside from four soul-soothing songs from Serayah, the soundtrack also features singles from co-star/Hamilton’s Chaundre-Hall Broomfield, gospel artist Chandler Moore, and legend Yolanda Adams.
Serayah’s Rbel Makes You Root For Her
With First Kingdom beginning to crumble under the pressure of lies, infidelity, and deception, Rbel’s window to take that top spot seems wide open; however, the end of season one showed us the Spirit had other plans. Whether you believe or not, Serayah’s Rbel makes you want to see her win. Who doesn’t love a good underdog with a laid 22” bust down? Whether she seeks Him or not, God is proving to be on Rbel’s side. But is it enough to turn everything around for her? Will Rbel lean on faith or fear?
With secrets coming to light, success within reach, and the devastating conclusion of season one, you don’t want to miss season two––especially with more guest collaborations. Kingdom Business returns to BET+ on Nov 2.
BET+ Original | Kingdom Business | S2 Official Traileryoutu.be
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Nia Long On Her Final Decision To Leave Ime Udoka: 'Loving Myself Was Bigger And More Important Than Saving Anybody'
Jeezy has been pulling out all the stops for the promo of his new album I Might Forgive…But I Don’t Forget. The iconic rapper tapped legendary actress Nia Long for an intimate conversation about love, trauma, and the Black family. The discussion provided insight into the “All There” rapper’s childhood, strained relationship with his mother, who has since passed, and his career mishaps. He also briefly spoke on his decision to file for divorce from Jeannie Mai, saying that he feels “saddened,” “disappointed,” and “uneasy” about it. However, he believes that God is leading him on a different path.
Throughout the conversation, Nia also opened up about her life experiences, including her relationship with her father, her sons, and her ex-fiancé Houston Rockets coach Ime Udoka.
“You know I had a really public breakup recently. It was a wake-up call for me in the sense that, like ok, you’re gonna do this on your own, and you’re gonna be fine, and you’re not gonna worry about what anyone thinks and has to say ‘cause the relationship was rocky for a very long time,” she said. “I don’t believe that another person can break anyone up like, I just don’t buy that.
When Ime was the Boston Celtics head coach, he was caught having an affair with a staffer and was suspended for the 2022-2023 season. This suspension ultimately led to his firing. However, the cheating scandal led to the public rallying behind The Best Man actress, which the mother of two revealed she was “shocked” by.
“I had to realize for myself that anything that happened in the…last year and a half of my life, that shit didn’t have nothing to do with me,” she expressed. “It didn’t have nothing to do with me. I was not embarrassed. The way that Black people stood up for me and the way that Black women were like, ‘Oh no, you don’t do that to her,’ I was shocked because I didn’t realize that what I had done or what I’ve done in my career had so much impact.”
While she did admit that things between her and Ime had been “rocky” for a long time, she was trying her best to make things work. But she soon learned that choosing herself was the best option. “I think my older son saw me trying to keep the family together, but I had to come to a place where loving myself was bigger and more important than saving anybody.”
While time has passed and both parties have seemed to move on with their lives, we all have our down days. Jeezy checked in with Nia to see how she’s truly feeling since the breakup and the scandal that followed. “I think I’m exactly where I need to be, which is some days I’m like totally good, and other days I’m like, oh God, this feels like so much work. And other days, it feels like women shouldn’t have to be this strong,” she said, tearing up. “I don’t want to be this strong sometimes.”
The former couple were together for 13 years and share a 12-year-old son together. Nia also has a 22-year-old son from a previous relationship.
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